The SFA will be looking to build on the record breaking broadcasting deal recently announced.
"We are working on it," Smith said.
"Both the president and myself got involved in the broadcasting deal, along with the commercial department, and we feel that everyone who can help within the SFA should be doing that towards bringing in a sponsor as well.
"We have been speaking to people but it's a difficult time for companies.
"One or two companies were showing a tremendous amount of interest and we thought they were going to go ahead but they ended up not doing it because of the economic situation at the moment.
"We had one offer but it didn't match up with what we were looking for.
"It will happen and hopefully it happens for this season and we get a sponsor in place for the start of the Scottish Cup."